Sales and profits down in 'difficult year' for Major's Place Industries

The Edinburgh-based company, in which financier Sir Angus Grossart is a director and shareholder, said margins were broadly maintained despite "difficult trading conditions" in the 2017 year to January

Specialist steel and glazing contractor Major's Place Industries has reported a drop in annual sales an profits in what it describes as a “difficult year” for the construction industry.

The Edinburgh-based company, in which financier Sir Angus Grossart is a director and shareholder, notes sales fell two per cent to £18.1 million in the 2017 year to January and pre-tax profits dropped 27 per cent to £810,896 (2016: £1.11 million profit).

Sir Angus's Noble Grossart Investments holds a 39.1 per cent stake in Major's Place Industries, which lists specialist glazing contractor Charles Henshaw & Sons as a wholly-owned subsidiary, and Sir Angus personally holds a further 2.4 per cent stake in the company.

Major's Place Industries notes in full year accounts, “despite difficult trading conditions and uncertainty in the construction sector”, gross margin fell only slightly on the prior year to 21.83 per cent, down from 21.91 per cent in 2016.

Net profit margin dropped from 6.0 per cent to 4.47 per cent.

Looking ahead, the company said a “strong”order book to January 2018 should see it report “a robust turnover and strong profit for the year”.

Major's Place Industries notes it is making “major investments” in plant, manufacturing and equipment to “ensure it remains in the forefront of the construction sector”.

The company notes it employed 72 staff on average in the 2017 financial year.